Innovative analysis of managerial communications
TiartaTM is an independent research firm that specializes in the analysis of corporations' ability to convey transparent, consistent, and meaningful information to their stakeholders. Our research is directed toward: hedge fund managers, private equity, institutional investors, money managers, and high net-worth individual investors.
We combine elements of criminal investigative techniques and forensic accounting to analyze corporate communication. Our approach is designed to uncover indications of significant problems (operational, accounting, legal, etc) within the companies we analyze. To view previous sample research, click on one of the following research reports: IBM Q3, 2009.pdf, Boeing Q2, 2009.pdf,and 3M Q2, 2009.pdfThe Small Cap Investor Capital IQ, A Standard & Poor's Business Report Buyer The Markets.com
Though marketing is a necessary part of any business, an excessive use of marketing tactics within the reporting of financials can cause significant transparency issues for investors. Coca-Cola appears to be applying its marketing prowess to its financial reporting. Rather than presenting the information directly, management utilizes selective reporting to guide the investment community toward pre-determined outcomes. Read More...
We combine elements of criminal investigative techniques and forensic accounting to analyze corporate communication. Our approach is designed to uncover indications of significant problems (operational, accounting, legal, etc) within the companies we analyze. To view previous sample research, click on one of the following research reports: IBM Q3, 2009.pdf, Boeing Q2, 2009.pdf,and 3M Q2, 2009.pdf
Our analytical rating system has consistently produced excess returns over the S&P 500 during internal testing. Our analysis is available by report or on a subscription basis through Tiarta. Research is also distributed through:
Pfizer was downgraded from T2- to T3
March 9, 2010
Pfizer Inc. (NYSE: PFE) was downgraded from a rating of T2- to T3. Management significantly altered its outlook of the combined company shortly after the completion of the Wyeth acquisition. Cost savings in the billions have evaporated or transitioned into “reinvestments” while revenue growth is non-existent. The outlook for the company is neutral as the risks surrounding the integration of Wyeth continue to be significant over the next several reporting periodsA rating of “T3” denotes a company that provides significantly limited transparency, consistency, and/or straight-forwardness. There are significant concerns within the presentation and description of the financials and/or other corporate activity.
Cisco System's rating affirmed at T2-
February 22, 2010
Cisco Systems’ (NASDAQ: CSCO) rating was affirmed at T2-. During the last fiscal quarter, the company was downgraded from T2 to T2- based on management statements and actions surrounding its financials. Management boasted to investors on the company’s financial strength and results; however, the company issued $5 billion in debt in November of 2009. Consistent with last quarter, management was extremely optimistic about its financial results, but backed away from that stance when forecasting upcoming financial outcomes. The company’s outlook is neutral, but there is concern that the company will encounter adverse financial results in the second half of fiscal 2010 or early fiscal 2011.A company with a rating of “T2-” provides limited transparency, consistency, and/or straight-forwardness. There are considerable indications of concern within the presentation and description of the financials and/or other corporate activity.
Microsoft Corporation's rating affirmed at T2-
February 8, 2010
The Microsoft Corporation (NASDAQ: MSFT) rating was affirmed at T2-. The company’s rating outlook is positive, as management’s statements around the company’s current and projected financial situation improved. Management toned down its overly optimistic view of the company and provided a more grounded approach.A company with a rating of “T2-” provides limited transparency, consistency, and/or straight-forwardness. There are considerable indications of concern within the presentation and description of the financials and/or other corporate activity.
Coca-Cola: How management alters the presentation of financial results
January 22, 2010
The Coca-Cola Company (NYSE: KO) is the world’s largest beverage company with over 500 brands that span the globe. This did not happen by accident. The company has spent considerable time and money building what many surveys have listed as the #1 brand in the world. The company is a sales and marketing powerhouse.Though marketing is a necessary part of any business, an excessive use of marketing tactics within the reporting of financials can cause significant transparency issues for investors. Coca-Cola appears to be applying its marketing prowess to its financial reporting. Rather than presenting the information directly, management utilizes selective reporting to guide the investment community toward pre-determined outcomes. Read More...